Indiamart Intermesh Ltd Share Price – NSE  /  BSE

E-Commerce/App based Aggregator, Small Cap

IndiaMART InterMESH will hold a meeting of the Board of Directors of the Company on 30 July 2024.

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IDfy is an Integrated Identity Platform offering products and solutions for KYC, Background Verifications, Risk Mitigation, Digital Onboarding and Digital Privacy. With more than 12+ years of experience and 2 million verifications per day, they are pioneers in this industry. The total turnover for IDfy for the financial year ended March 31, 2023 was Rs 117 crore.

The company will acquire 10% stake for total consideration of Rs 89.69 core.

The company will acquire 100 equity shares, 3,55,019 Compulsory Convertible Preference Shares (convertible into 17,73,495 equity shares) and 2,32,810 Compulsory Convertible Debentures (convertible into 6,95,822 equity shares) from existing investors of IDfy.

Commenting on the investment, Dinesh Agarwal, founder and managing director of IndiaMART, emphasized the significance of IDfy's offerings in today’s evolving business environment. “In an era where trust and authenticity are paramount, IDfy’s expertise in background verification and authentication aligns seamlessly with IndiaMART’s mission to empower businesses digitally,” he stated. Agarwal further highlighted the importance of such services in enabling secure and reliable transactions, crucial for the growth and sustainability of businesses in the digital age.

Ashok Hariharan, CEO of IDfy, also commented, MSMEs are the backbone of any economy. We are thrilled to collaborate with IndiaMART to empower MSMEs and expand their businesses while effectively managing risks and fraud. This partnership leverages the strengths of IDfy's expertise with IndiaMART's forward-thinking vision. This investment from IndiaMART signifies a pivotal moment for IDfy, marking a new chapter of growth and innovation. We are looking forward to working closely with Mr. Dinesh and the entire IndiaMART team.”

IndiaMART is India’s largest online B2B marketplace for business products and services. IndiaMART makes it easier to do business by connecting buyers and sellers across product categories and geographies in India through business enablement solutions. IndiaMART provides ease and convenience to the buyers by offering a wide assortment of products and a responsive seller base while offering lead generation, lead management and payment solutions to its sellers.

The company reported a 37% rise in standalone net profit to Rs 92 crore on a 17% increase in revenue from operations to Rs 299 crore in Q4 FY24 as compared with Q4 FY23.

The scrip shed 0.29% to end at Rs 2,506.65 on Wednesday, 29 May 2024.

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Indiamart Intermesh (IndiaMART) announced an investment of Rs 89.69 crore in M/s Baldor Technologies (IDfy). This investment marks a 10% minority stake acquisition for IndiaMART.

Founded in 2011, IDfy is an Integrated Identity Platform offering products and solutions for KYC, Background Verifications, Risk Mitigation, Digital Onboarding and Digital Privacy. IDfy establishes trust while delivering a frictionless experience for employees, customers and partners. IDfy combines enterprise-grade technology with the widest breadth of offerings in the industry. With more than 12+ years of experience and 2 million verifications per day, they are pioneers in this industry.

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Avanti Feeds Ltd, Godrej Industries Ltd, Cholamandalam Investment & Finance Company Ltd, Welspun Corp Ltd are among the other stocks to see a surge in volumes on NSE today, 02 May 2024.

Indiamart Intermesh Ltd notched up volume of 28.2 lakh shares by 14:14 IST on NSE, a 21.02 fold spurt over two-week average daily volume of 1.34 lakh shares. The stock rose 8.29% to Rs.2,863.20. Volumes stood at 98153 shares in the last session.

Avanti Feeds Ltd saw volume of 44.44 lakh shares by 14:14 IST on NSE, a 9.82 fold spurt over two-week average daily volume of 4.53 lakh shares. The stock increased 4.33% to Rs.555.55. Volumes stood at 15.15 lakh shares in the last session.

Godrej Industries Ltd clocked volume of 31.98 lakh shares by 14:14 IST on NSE, a 6.54 times surge over two-week average daily volume of 4.89 lakh shares. The stock lost 6.57% to Rs.897.45. Volumes stood at 18.47 lakh shares in the last session.

Cholamandalam Investment & Finance Company Ltd notched up volume of 60.17 lakh shares by 14:14 IST on NSE, a 6.41 fold spurt over two-week average daily volume of 9.38 lakh shares. The stock rose 9.17% to Rs.1,302.70. Volumes stood at 18.17 lakh shares in the last session.

Welspun Corp Ltd saw volume of 34.6 lakh shares by 14:14 IST on NSE, a 6.01 fold spurt over two-week average daily volume of 5.75 lakh shares. The stock increased 6.64% to Rs.601.80. Volumes stood at 1.64 lakh shares in the last session.

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